On the side-lines of the Second India-Australia virtual summit, Prime Minister Narendra Modi and his Australian counterpart Scott Morrison will meet today (March 21) to lay the framework for new initiatives and deepen bilateral collaboration in a range of areas.
The meeting is anticipated to see the Australian government sign its largest-ever trade pact with India, with Canberra proposing to spend Rs 1,500 crore in the country across a variety of sectors.
The two countries are also likely to finalize an agreement on early harvesting by the end of this month. An early harvest agreement, which comes before a complete deal, aims to lower tariffs on certain items exchanged between two nations or trading blocs.
The two countries will sign a Memorandum of Understanding (MoU) in the sector of key minerals, according to sources, which will enable India acquire access to metallic coal and lithium in Australia while also addressing India’s growing need for electric vehicles and infrastructure.
According to sources, India’s Union Minister of Coal and Mines, Pralhad Joshi, would visit Australia soon.
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